On March 1, 2018, the Consumer Financial Protection Bureau (“CFPB“) announced a request for information seeking the public’s input about the “efficiency and effectiveness of its rulemaking processes.” Release.
Posts by: Editorial Team
FHA Extends Foreclosure Moratorium for Hurricane Maria Victims
On March 1, 2018, the Federal Housing Administration (the “FHA“) “extend[ed] its 180-day foreclosure moratorium for FHA-insured homeowners for an additional 60 days[.]” The coverage was extended “…until May 18, 2018.” Release.
FHFA Issues Proposed Rule Amending Federal Home Loan Banks’ Affordable Housing Program Regulation
On March 6, 2018, the Federal Housing Finance Agency (“FHFA“) requested comments on amendments it proposed that relate to regulations that apply to the Federal Home Loan Banks’ Affordable Housing Program. The changes were designed to permit “the [Federal Home Loan Banks] more flexibility to align their [Affordable Housing Program] funds with the distinct affordable housing needs in their districts.” Release.
FRB Requests Comments on Amendments to Simplify Regulation J and Make It Conform More Closely with Regulation CC
On March 6, 2018, the Federal Reserve Board (“FRB“) announced it was seeking comments on amendments to Regulation J, relating to checks and funds transfers, in order for it to improve its relationship with Regulation CC. Release.
Rating Agency Developments
Federal Reserve Board Announces It Has Finalized a Rule Adjusting the Board’s Maximum Civil Money Penalties
On January 12, 2018, the Federal Reserve Board announced that it had finalized its rule about maximum civil money penalties. This action was taken in response to a law that directed federal agencies to change their limits each year for inflation, as opposed to every four years. Release.
Civil Money Penalties: Notice Adjusting Civil Money Penalties for 2018
On January 16, 2018, the Office of the Comptroller of the Currency announced that it had finalized its rule about maximum civil money penalties. This action was taken in response to a law that directed federal agencies to change their limits each year for inflation, as opposed to every four years.
CFPB Statement on Payday Rule
On January 16, 2018, the Bureau of Consumer Financial Protection issued a statement that it would submit the Payday, Vehicle Title, and Certain High-Cost Installment Loans (more commonly known as the Payday Rule) through a review process and that it may, in the interim, waive certain requirements thereunder. Release.
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs
On November 22, 2017, the Federal Housing Finance Agency (“FHFA“) issued a status report on credit risk transfer transactions done in conjunction with Fannie Mae and Freddie Mac. Release.
Regulatory Capital Rule: Final Rule
On November 22, 2017, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a final rule continuing the application of certain capital rules due to expire at the end of 2017 (focusing on “transition provisions for the regulatory capital treatment of” certain types of assets), though a proposed rule issued on October 27, 2017 may further update the topics addressed in this final rule. Release.